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Romanian central bank holds rate at 1.75%

The National Bank of Romania on Aug. 4 decided to keep its policy rate unchanged at 1.75%.

In a statement, the central bank said that annual inflation stood at 0.85% in June against 0.64% in the previous month.

First-quarter real GDP rose by 5.7% from 4.8% in the previous quarter, largely driven by domestic demand.

The central bank hinted that any change in its monetary policy may not be through its key rate but by narrowing the gap between its lending and deposit rates, which would affect interbank rates.

"We do not rule out a deposit rate hike towards the end of this year, especially if the ECB decides to finally break the tapering announcement," the central bank said in a research note as cited by Reuters.